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v3.19.1

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
REVENUE |  |  |  |  |  |  |  |  |  |  |
Lease rent revenue |  |  |  |  |  |  |  |  | $ 175,609 | $ 130,369 | $ 119,895
Revenue |  |  |  |  |  |  |  |  | 87,009 | 80,189 | 57,091
Spare parts and equipment sales |  |  |  |  |  |  |  |  | 71,141 | 51,423 | 17,783
Gain on sale of leased equipment |  |  |  |  |  |  |  |  | 6,944 | 4,929 | 3,482
Other revenue |  |  |  |  |  |  |  |  | 7,644 | 7,930 | 9,023
Total revenue | $ 118,190 | $ 80,958 | $ 78,702 | $ 70,497 | $ 63,189 | $ 65,861 | $ 67,844 | $ 77,946 | 348,347 | 274,840 | 207,274
EXPENSES |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  |  |  |  |  |  |  | 76,814 | 66,023 | 66,280
Cost of spare parts and equipment sales |  |  |  |  |  |  |  |  | 61,025 | 40,848 | 13,293
Write-down of equipment |  |  |  |  |  |  |  |  | 10,651 | 24,930 | 9,514
General and administrative |  |  |  |  |  |  |  |  | 72,021 | 55,737 | 47,780
Technical expense |  |  |  |  |  |  |  |  | 11,142 | 9,729 | 6,993
Net finance costs: |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  | 64,220 | 48,720 | 41,144
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  | 137
Total net finance costs |  |  |  |  |  |  |  |  | 64,220 | 48,720 | 41,281
Total expenses |  |  |  |  |  |  |  |  | 295,873 | 245,987 | 185,141
Earnings from operations |  |  |  |  |  |  |  |  | 52,474 | 28,853 | 22,133
Earnings from joint ventures |  |  |  |  |  |  |  |  | 3,800 | 7,158 | 1,813
Income before income taxes |  |  |  |  |  |  |  |  | 56,274 | 36,011 | 23,946
Income tax expense (benefit) |  |  |  |  |  |  |  |  | 13,043 | (26,147) | 9,877
Net income |  |  |  |  |  |  |  |  | 43,231 | 62,158 | 14,069
Preferred stock dividends |  |  |  |  |  |  |  |  | 3,250 | 1,813 | 281
Accretion of preferred stock issuance costs |  |  |  |  |  |  |  |  | 83 | 46 | 8
Net income attributable to common shareholders | $ 17,274 | $ 8,834 | $ 7,528 | $ 6,261 | $ 41,864 | $ 4,939 | $ 5,657 | $ 7,839 | $ 39,898 | $ 60,299 | $ 13,780
Basic weighted average earnings per common share (in dollars per share) | $ 2.99 | $ 1.50 | $ 1.28 | $ 1.03 | $ 6.87 | $ 0.82 | $ 0.94 | $ 1.28 | $ 6.75 | $ 9.93 | $ 2.10
Diluted weighted average earnings per common share (in dollars per share) | $ 2.91 | $ 1.47 | $ 1.26 | $ 1.00 | $ 6.75 | $ 0.80 | $ 0.92 | $ 1.25 | $ 6.60 | $ 9.69 | $ 2.05
Basic weighted average common shares outstanding (in shares) | 5,782 | 5,900 | 5,878 | 6,104 | 6,090 | 6,055 | 6,036 | 6,114 | 5,915 | 6,074 | 6,570
Diluted weighted average common shares outstanding (in shares) | 5,939 | 6,004 | 5,991 | 6,256 | 6,201 | 6,184 | 6,158 | 6,240 | 6,046 | 6,220 | 6,714

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